I'm just trying to help you!
I don't care if you have -$10, $100 or $10k plus in your bank account you can't ignore the fact that personal finance is of extreme importance and must be taken very seriously.
I'm not trying to be your Momma but I do want to urge you to set aside time to educate yourself about money and follow through with the necessary actions to change your situation or prosper even further.
Personal finances were a battle in our home and like many couples it caused much stress, but once my Hubby gave in and let me take the lead we have made tremendous strides and the topic of money is as simple as what we will be eating for dinner. (Teamwork makes the Dream Work)
Here are three straight-to-the-point tips to get you started:
Many personal finance professionals and bloggers have different opinions about whether you should pay off your debt first or create an emergency fund. I am a firm believer in creating an emergency fund first followed by fully paying off debt. Having at least $1,000 set aside for a rainy day will relieve so much stress off of your mind. Did you know that less than 69% of Americans have $1,000 saved? Lets start by getting you out of that boat.
Open up a savings account and automatically have money deposited into your emergency fund each pay period. If you are self-employed put 10% of each check into your emergency fund. FYI, savings amount should increase once debt is paid off.
GET RID OF DEBT.
Have you ever heard of Dave Ramsey? I love his philosophy of the debt snowball. When you are paying off your debt that means no traveling, fancy dinners or luxury items until all of your bad debt is paid off. Bad debt includes anything lifestyle related: auto loans, credit cards, department store cards or any debts in which you can't repay the specified monthly amount.
Not only will getting rid of debt raise your credit score once you carry a balance of less than 30% on each account you are also left to enjoy more of your paycheck as time progresses. And best of all you are saving money on interest you are paying these companies for items you have already used or even lost!
GET LIFE INSURANCE.
If you have children or a significant other term life insurance should be on the top of your priority list. Payments are relatively inexpensive and when you die, like all of us will, it will protect be able to protect your family from hardships. The money can be used to pay off mortgages, remaining debts and college degrees.
Once you take out the time and get the ball rolling it will be pretty easy from here on out.